The truth about Qantas is that it holds the distinction as perhaps Australia’s most egregious monopolist.
How else do record profits reconcile with record margins? It sure ain’t labour costs and the oil price!
There is nothing to celebrate here for anybody. Not even Qantas shareholders because you can feel the backlash building. It will be expressed in due course by both consumers and politicians.
The only reason it has not happened yet is Albo has the worst political judgment in Australia. Qantas’ bribes of the PM in the form of Chairman’s Lounge access for his son and support for the Voice notwithstanding.
It is only a matter of time before capitalism comes back to bite Qantas. Areas of excess profitability are unsustainable in markets. The blocked Qatar bid for increasing routes will only be the first to attempt to get a piece of the action. The Albo protection racket will crumble with his popularity.
This is just another episode of control fraud by Australian corporate management. It will be long gone with fat bonuses when the competition returns twice as fiercely as before owing to the greedflation.
And Qantas margins will be decimated.
